Tax benefit on House Property u/s 24(b) & 80C

No way for claim entire amount. Better to claim as per ratio...

If u are repaying the entire amount of loan and interest u can claim the entire benefit urself

to be able to claim the tax benefits on the property –

You must be a co-owner in the property– To be able to claim tax benefits for a home loan, you must be an owner in the property. Many a times, a loan is taken jointly, but the borrower is not an owner as per the property documents. In such a case you may not be able to claim tax benefits.

You must be a co-borrower for the loan –Besides being an owner, you must also be an applicant as per the loan documents. Owners who are not borrowers and do not contribute to the EMI shall be devoid of the tax benefits

For a self occupied property – Each co-owner, who is also a co-applicant in the loan, can claim a maximum deduction Rs 2,00,000 for interest on the home loan in their Income Tax Return. The total interest paid on the loan is allocated to the owners in the ratio of their ownership. Each owner/borrower can claim interest benefit upto a maximum of Rs 2,00,000. Goes without saying, the total interest claimed by the owners/borrowers cannot exceed the total interest paid for the loan. Let’s understand Rahul and his father bought a house on loan and paid Rs 4,50,000 in interest. They have a 50:50 share in the property. Rahul can claim Rs 2,00,000 in his tax return, his father can also claim Rs 2,00,000

Each co-owner, can claim a deduction of maximum Rs 1,50,000 towards repayment of principal under section 80C. This is within the overall limit of Rs 1,50,000 of Section 80C.

Therefore, as a family you will be able to take a larger tax benefit against the interest paid on the home loan when the property is jointly owned and your interest outgo is more than Rs 2,00,000 per annum.

Yes... I agreed to Mr CA ABHAY GUPTA...


Claim only as per Ratio. If it's 50:50 or 90:10 or 10:90. Claim available based on ratio / share.

As per section 27(1) if a house property is transferred without adequate consideration to the spouse then the transferer is deemed to be the owner of the house property, in ur case if ur wife is not paying anything against the loan then it shall be the case as mentioned in 27(1) since u are paying the whole loan then u should be able to claim the whole amount instead of ratio wise.

Moreover if the house property is let out u will be able to claim the entire amount of interest u/s 24(b). The limit of Rs 2 lakhs is for self occupied property and set of losses with income of different head.

attn: Mr. Nitish... let it be self occupied or let out, the maximum amount allowed to set off is RS. 2 lacs only as per the latest amendment U/s. 71(1A)